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Wednesday, June 23, 2010
Nifty July 2010 futures at premium
Turnover declines
Nifty June 2010 futures were at 5340.90, at a premium of 17.75 points over spot closing of 5323.15. Nifty July 2010 futures were at 5348.25 at a premium of 25.10 points over the spot closing.
Turnover in NSE's futures & options (F&O) segment declined to Rs 110311.45 crore from Rs 116379.52 crore on Tuesday, 22 June 2010.
The near-month June 2010 derivatives contracts expire on Thursday, 24 June 2010. Rollover in Nifty futures was 40% at the end of Tuesday (22 June 2010)'s trade. Rollover in Mini Nifty futures stood at about 46%.
In the cash market, the Nifty rose 6.60 points or 0.12% at 5323.15.
Asian stocks lack buying conviction
Weak over night cues amid continued worries over global recovery keep a lid on stocks
Asian markets ended mostly in red today, extending losses for a second day as strong dollar and lack of buying optimism hurt the sentiments. The regional stocks were off to a nervous start today as the DOW fell 149 points yesterday on weak housing data and the effect of the Chinese Yuan moves was seen wearing off. Fitch Ratings cut it's rating on BNP Paribas SA, heightening concern Europe's debt crisis is worsening. Dollar eventually bottomed out at a five day high and DOW futures also rallied but the by that it was a little too late for the Asian markets to catch up and gains were capped as such. Volumes were relatively lesser than normal, as traders preferred to move to the sidelines ahead of FOMC announcement and new home sales data later in the U.S.
Aster Silicates IPO Analysis
Aster Silicates is promoted by Mahesh A. Maheshwari and Namrata M. Maheshwari. It is engaged in the business of manufacturing of sodium silicate, which includes food-grade sodium silicate, special drilling grade silicate and detergent grade silicate. Currently, it operates from two units in Gujarat with aggregate installed capacity of 150 tonnes of glass per day. Unit I at Kheda has a capacity of 100 tonnes of glass per day and Unit II at Bharuch has a capacity of 50 tonnes of glass per day.
Sensex edges higher at close
Indian markets bounced back on Wednesday snapping earlier losses. The Sensex ended on a flat note with positive bias. On sectoral front, realty and healthcare stocks gained ground, while capital goods and metal edged lower.
Market recovers on fag-end buying
Today's major news
Shoppers Stop soars on fund raising plan, the stock closes 5.81% higher
NTPC disqualifies Larsen and Toubro (L&T) from Rs20,000-crore tender; L&T ends 3.08% down
Shree Renuka Sugars reworks Equipav deal, the stock ends 1.09% lower
BSE Bulk Deals to WAtch - June 23 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
23/6/2010 526955 ABL Biotech SILVER GOLDEN PROPERTY DEVELOP FIN INVESTMENT LIMITED B 100000 20.25
23/6/2010 531678 Anand Credit DHAVAL AMRISH SHAH B 85000 59.40
23/6/2010 531678 Anand Credit HEMENDRALILACHANDSHAH S 100000 59.40
NSE Bulk Deals to Watch - June 23 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
23-JUN-2010,DIGJAM,Digjam Limited,INVENTURE GROWTH & SECURITIES LIMITED,BUY,325838,11.76,-
23-JUN-2010,ELNET,Elnet Tech. Ltd,BP FINTRADE PRIVATE LIMITED,BUY,37263,77.83,-
23-JUN-2010,HARRMALAYA,Harrisons Malayalam Ltd,MANISH VRAJLAL SARVAIYA,BUY,107826,128.25,-
Small-cap, mid-cap indices outshine Sensex
Higher US index futures and recovery in European stocks helped the domestic bourses erase steep intraday losses to close flat. Stocks were volatile as traders rolled over positions in the derivatives segment from the near-month June 2010 contracts to July 2010 contracts ahead of the expiry of the near-month June 2010 derivatives contracts on Thursday, 24 June 2010. The BSE 30-share Sensex rose 6.25 points or 0.04%, up close to 125 points from the day's low and off close to 25 points from the day's high. Realty, auto, healthcare, consumer durables and steel stocks rose.
Daily Grey Market Premiums - June 23 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Parabolic Drugs Ltd. | 75 to 85 | Discount |
| Aster Silicates Ltd. | 112 to 118 | 2 to 2.50 |
| Technofab Engineering | 230 to 240 | 3 to 3.50 |
Daily News Roundup - June 23 2010
Reliance Industries is close to buying a 45% stake in shale gas assets owned by the US-based Pioneer Natural Resources for US$1.35bn. (BS)
Reliance Industries plans to invest more than US$3bn over the next four to five years to build capacity for its entry into the fertilizer sector. (ET)
Sensex slips on profit booking
Indian market ended in the negative terrain on Tuesday on account of weak global cues. The Metals, IT and the Telecom stocks witnessed profit booking. Even the Mid-Cap and the Small-Cap stocks saw some offloading.
Selling was not only seen in India but also across the globe as euphoria over China's proposed currency reform faded. The yuan weakened after yesterday’s surge on China’s plan to expand the currency’s trading range against the dollar.
The BSE 30-share Sensex slipped 127 points to close at 17,750 and NSE Nifty was down 36 points and ended at 5,317.
Among the BSE sectoral indices, BSE Metal index was the top loser, down 2% followed by BSE IT index, it was down 1.2% and BSE Teck index down 1%. The BSE Mid-Cap index and the BSE Small-Cap index ended almost unchanged.
Outside the frontline indices, the big losers in the broader market were India Cement, Jai Corp, MMTC and Aditya Birla Nuvo. On the other hand, gainers included Biocon, MRPL, GLenmark and Bosch.
Conviction takes a backseat!
A strong conviction that something must be done is the parent of many bad measures - Daniel Webster.
Looks like the bulls have indeed run out of luck for now, though we reckon the overall sentiment remains positive. Given the subdued global backdrop, we expect a soft opening for Indian bourses. The NSE Nifty might start the day below 5300. Expect heightened volatility ahead of the F&O expiry on Thursday. The near-term trading band for Nifty is seen between 5200 and 5400.
Sensex may weaken at start
Headlines for the day:
RIL may close $1.35-billion US gas deal
Tata Power moves MERC on supply rights
Airtel enters high definition arena
Bullion metals add little shine
Prices remain a bit shaky ahead of Fed's interest rate decision
Bullion metal prices ended marginally higher on Tuesday, 22 June 2010 at Comex. Prices eked out little gains as dollar stayed considerably steady throughout the day. Also, traders remained a bit cautious ahead of Fed's interest rate decision in US this week.
Crude prices erase earlier gains
Prices drop due to weak economic data and strong dollar
Crude oil prices slipped on Tuesday, 22 June 2010 at Nymex. Prices fell due to the steady dollar and weaker than expected housing sector report.
JBF Industries
Investors with short-term trading perspective can consider investing in the stock of JBF Industries. It is apparent from the charts of the stock that since December 2008 low of Rs 26 it has been on a long-term uptrend, forming higher perks and higher bottoms. However, following a short-term corrective decline from the stock's 52-week high of Rs 168 recorded on April 22, the stock found support at it's key medium-term support level of Rs 125 in late May this year. Taking support the stock bounced up subsequently and it appears to have resumed its long-term uptrend. On Tuesday, the stock managed to close above its 50-day moving average by gaining almost 2 per cent with above average volume. The daily relative strength index (RSI) is on the brink of entering in to the bullish zone from the neutral region whereas the weekly RSI has re-entered in to this zone. Daily moving average convergence-divergence indicator is entering into the positive territory, reinforcing the bullish momentum. Moreover, the medium-term up trendline is intact. We are bullish on the stock from a short-term horizon. We expect it to move up further until it hits our price targets of Rs 148 or Rs 155 in the upcoming trading sessions. Short-term traders can buy the stock with stop-loss at Rs 137.
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